DTE Energy

Capital is directed primarily to regulated utility projects with clearer risk‑adjusted returns, particularly grid hardening, automation, renewables and storage required under the IRP and clean energy statutes. The 2025 to 2029 plan stepped up to about 30 billion dollars, skewed to electric distribution and cleaner generation.

Management has shifted DTE Vantage toward more utility‑like, fixed‑fee projects to improve earnings quality. Shareholder returns are primarily via a growing dividend; buybacks are not a focus. Equity issuance guidance is minimal through 2027, balancing debt funding and credit metrics.

Overall, this is consistent with quality‑minded capital stewardship in a regulated framework, though returns are capped by regulation and execution must satisfy increasingly rigorous reliability oversight.